Specialised Mortgages for Pilots: Tailored Advice for Airline Professionals
When it comes to securing a mortgage as a pilot, the process may feel anything but straightforward.
Your income is often more complex than that of some other professions, with elements like flight allowances, bonuses, and expenses making it difficult for traditional lenders to assess your true financial picture.
At Kerr & Watson, we help airline staff, including pilots, through the mortgage application process. With our expertise and access to a wide range of lenders, we can help you find a mortgage that best reflects your unique income situation.
Why Pilots Need Specialised Mortgage Advice
While pilots and other airline staff don’t have access to specific mortgage products designed just for their profession, they do have financial circumstances that require an understanding in order to best help them.
Some standard high street lenders may struggle to accurately assess a pilot’s full income if they are not willing to use it all, potentially leading to a less favourable mortgage offer.
At Kerr & Watson, we understand that a pilot’s income isn’t just a basic salary—it’s made up of several components that many lenders overlook.
By working with lenders who are familiar with these income structures, we ensure your mortgage application accurately reflects your earning potential.
How Your Income is Assessed
One of the most important aspects of securing a mortgage is how your income is calculated. As a pilot, your income is more varied than that of someone in a typical PAYE role. Here’s how lenders generally approach airline staff income:
- Basic salary: Most lenders will take 100% of your basic salary into account.
- Allowances and bonuses: This is where things can differ. Some lenders may only consider 50% of these additional earnings, while others may exclude them entirely.
For many pilots, these additional income streams make up a large portion of their earnings.
If a lender doesn’t consider them fully, you could find yourself being offered a smaller mortgage than you’re entitled to. We help you find a lender that can help you to achieve the loan amount you’re looking for whilst searching for the best products for you.
How Much Can You Borrow?
Typically, mortgage lenders will offer a loan based on a multiple of your annual income. For example, this often ranges between 4 to 5 times your income, depending on the lender. However, with the rising costs of property, particularly in areas close to major airports, this may not always be sufficient.
The amount you can borrow is completely bespoke to your individual situation so you should always take professional advice. We have an affordability calculator which can give you an initial idae of affordability.
At Kerr & Watson, we also have access to some lenders that go beyond standard multiples where appropriate. In some cases, we may be able to secure a mortgage at up to 5.5 times your income, depending on your income, deposit, age, debts etc.
It’s important to ensure that your levels of borrowing remain affordable and do not put you under financial pressure, so you should take advice from a qualified mortgage adviser.
Find out Your Options
Protecting Your Mortgage: Why Insurance Matters
Securing a mortgage is just the first step, protecting it is equally important.
As a pilot, your job comes with certain risks and challenges, which makes having the right insurance in place crucial.
At Kerr & Watson, we also offer protection advice to ensure that your home and loved ones are safeguarded in the event of unexpected circumstances.
Whether it’s life insurance, income protection, or critical illness cover, we help you choose the right products to match your unique needs. After all, a mortgage is a long-term financial commitment, and ensuring you have the right protection in place can provide peace of mind.
Remortgaging for Pilots
As a pilot, your circumstances may change throughout your career, and remortgaging can help you adjust to those changes.
Whether you’re looking to lower your monthly payments, release equity, or simply switch to a more favourable interest rate, remortgaging can offer significant financial benefits.
At Kerr & Watson, we make the remortgaging process straightforward, even if your income has changed since you first took out your mortgage. We work with lenders who can take into account the breakdown of your current financial situation, to help you get the best deal possible for your situation.
Why Pilots Face Unique Challenges with Mortgages
Irregular Income Streams
Pilots often face income variability due to factors like flight allowances, bonuses, and overtime payments. These additional earnings can significantly boost overall income but might not always be considered by traditional lenders. As a result, many pilots struggle to prove affordability despite having a strong financial position.
Complex Employment Structures
Many pilots are employed on unique contracts, such as fixed-term agreements or self-employment arrangements. Some also work for overseas airlines, adding another layer of complexity when applying for UK mortgages. Lenders may require extra documentation or have stricter criteria for these situations.
Tax Documentation Requirements
For self-employed or contract pilots, providing the correct tax documentation is essential. Lenders will typically ask for:
- SA302 Forms and Tax Year Overviews: Proof of declared income from HMRC.
- Employment Contracts: Verification of current and future work.
- Payslips: For employed pilots, multiple payslips showing consistent income.
At Kerr & Watson, we understand these challenges and work with lenders who specialise in providing mortgages to aviation professionals.
How Kerr & Watson Helps Pilots Secure Mortgages
Securing a mortgage as a pilot doesn’t have to be difficult. Our expertise in pilot-specific mortgages allows us to:
- Assess Your Full Income: We work with lenders who consider your allowances, bonuses, and overtime as part of your affordability calculation.
- Navigate Complex Criteria: Whether you’re self-employed, employed overseas, or on a contract, we’ll identify the right lenders for your unique circumstances.
- Streamline the Process: From gathering the correct documentation to negotiating with lenders, we handle every step to ensure a smooth application.
Our tailored approach means you can focus on your career while we handle your mortgage needs.
Learn more about Contractor Mortgages if you’re working on a contract basis.
If you’re a self-employed pilot, visit our Self-Employed Mortgages page for expert advice.
Mortgages for the wider airline profession
If your income includes sector pay, flight duty pay, allowances or variable rosters, you may also find our page, mortgages for airline staff useful. It explains how lenders assess mixed aviation income, how affordability is calculated for both pilots and cabin crew, and why the right lender choice can make a meaningful difference to your borrowing capacity.
Conclusion
Securing a mortgage as a pilot doesn’t have to be complicated, but it does require the right advice.
At Kerr & Watson, we help airline staff secure their ideal mortgage, ensuring that your income is properly considered.
Whether you’re buying your first home, remortgaging, or expanding your property portfolio, our expert advisors are here to help.
Get in touch with us today to discuss your mortgage needs and find out how we can help you secure the best possible deal.
Have questions? Contact Kerr & Watson today to speak with a mortgage expert.
